Indian consumers are back to spending: Grand Thornton Study

29th October 2021, Mumbai:

The Indian consumer and retail sector is all set to bounce back strong with e-commerce gaining a stronghold in the post-Covid-19 world, says a Grant Thornton Bharat survey.

Increased consumer confidence and heightened optimism are backed by a mass vaccination drive, better spending capacity, and an uptick in economic activity. Consumers are increasingly engaged in both digital and physical touch-points to make informed decisions.

Clothes and accessories (28 percent) and mobile phones (25 percent) have the highest share of the pie in items people prefer buying online. There is a preference toward buying luxury branded products online, hinting at the level of trust that these e-commerce portals hold. Businesses may need to adapt to such a buying shift rather than chase new store openings for driving sales.

An increasing number of consumers are becoming environmentally conscious and socially responsible. There is a great opportunity for local manufacturers, as people are more attracted to locally sourced products.

As many as 62 percent of the respondents said that mentioning the country of origin of a product would impact their buying decision. So companies need to now spend a higher share of their budget on products that don’t or least harm the environment.

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